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0% credit cards can help Brits tackle debt

Cards are a prudent way to pay down debt, claims independent financial advisory firm

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12 December 2011

0% credit cards can help Brits tackle debt”

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Britons can begin tackling their debt by applying for a zero per cent credit card, it has been claimed.

Michael Garvey, chartered financial planner at independent financial advisory firm Edinburgh Wealth Management, warned that Brits have to be disciplined in regards to spending during the festive period in order to avoid falling into unmanageable levels of debt.

She said: "The more prudent thing to do [with regards to debt] would be to take it at nearly zero per cent on a credit card which has zero per cent on purchases for six months.

"We have got to budget exactly how much we want to spend and be disciplined about not exceeding that budget and disciplined with regards to paying down the debt that has actually been accrued while it is not costing anything and just using that debt as a means to an end."

Yesterday (8th December), the Bank of England's Monetary Policy Committee voted to keep interest rates at 0.5 per cent, providing a boost to credit card holders as repayment levels are scheduled to remain low for the foreseeable future.

Posted by Jack Ramsey

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Credit Cards	0% Balance Transfers	0% Purchases	APR Representative (Variable)
	Tesco ClubCard Credit Card
	9 months	15 months	16.9^%
16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
	Virgin Credit Card
	20 months	3 months	16.8^%
16.8% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.8% p.a(variable).
	Barclaycard Platinum with BT
	22 months	3 months	17.5^%
17.5% APR representative (variable). Based on a credit limit of 1200 and purchase rate 17.5% p.a(variable).
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